I think its time to take a close look at your holdings and make sure they are quality. Well managed companies with solid earnings should hold up well and are likely to recover first. It could be time to trim weaker positions and take profits where you have them.

I still think the situation in Europe is the real driver, and people worry that their austerity may hit earnings of US companies. The election in Greece is only two weeks away. Perhaps a solution will be in hand soon. Otherwise, the situation could drag on for months--at least until the next round of earnings reports in July. No wonder people are selling stocks and buying Treasuries.